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Analysts at JMP Securities are forecasting that spot %Bitcoin (CRYPTO: $BTC ) exchange-traded funds (ETFs) could attract $220 billion U.S. of investor capital within the next three years.

If its outlook is correct, JMP Securities has calculated that Bitcoin’s price could quadruple to $280,000 U.S., increasing the market capitalization of the largest cryptocurrency by $5.50 trillion U.S.

While spot Bitcoin ETFs continue to see record inflows, surpassing $10 billion U.S. two months after their launch in January, JMP Securities said that “activity experienced thus far is likely still the tip of the iceberg.”

On March 12, spot Bitcoin ETFs saw net inflows of 14,706 Bitcoin, worth over $1 billion U.S., in a single day, according to data from BitMEX research.

JMP Securities latest analysis also singles out cryptocurrency exchange %Coinbase (NASDAQ: $COIN ) as a key beneficiary of the continued growth of spot Bitcoin ETFs in America.

The brokerage raised its price target on Coinbase’s stock to $300 U.S. per share from $220 U.S., the highest on Wall Street, according to data from FactSet.

JMP has maintained an “outperform” (buy) rating on Coinbase’s stock, which has increased 60% year-to-date and is currently trading at $251.73 U.S. per share.

The new outlook for the spot Bitcoin ETFs from JMP Securities is extremely bullish. A separate analysis from %JPMorganChase (NYSE: $JPM ) forecast that the %BitcoinETF market could grow to $62 billion U.S. over the next three years.